Are Top Marijuana Stocks A Buy In August? 2 Ancillary Pot Stocks To Watch Now

Best Cannabis Stocks For August Gains

Are top marijuana stocks a good investment in 2022? As we head into a big week for the markets the best cannabis stocks to invest in have shown momentum in July and August. One industry that has seen significant declines to start the year is the ancillary marijuana stock market. Ancillary cannabis companies are businesses that assist the cannabis sector without actually working with the plant. In general, a wide range of businesses assists the cannabis industry. – MarijuanaStocks

A handful of cannabis-related stocks with Nasdaq listings had a sharp decline in value over the first half of 2022. As a result, several of these ancillary marijuana stocks are presently available to investors for significantly reduced prices. Some of these stocks might offer investors a starting point for long-term cannabis investments or an opportunity to profit from recent price fluctuations. Many analysts believe that the stock market has finally reached its bottom and will soon start to rise once more. Below are the two top marijuana stocks for August, which you can add to your watchlist.

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Top Online Ancillary Marijuana Stocks In 2022

  1. Leafly Holdings, Inc. (NASDAQ: LFLY)
  2. WM Technology, Inc. (NASDAQ: MAPS)

Leafly Holdings, Inc.

In February, Leafly Holdings Inc., a well-known online marketplace and consumer resource for cannabis declared that trading in its common stock, LFLY, had begun on the NASDAQ. The most reliable website for locating and buying cannabis products from authorized sellers worldwide is Leafly. Every year, more than 125 million individuals use Leafly to research cannabis and make online purchases from nearby merchants. The business’s comprehensive resources, which include technology and advertising services, let customers make informed purchasing decisions and help cannabis businesses attract and retain devoted customers. Customers may make purchases directly on the business website thanks to the online cannabis delivery service that the corporation launched in California in May.

Revenues for the first quarter of 2022 were up 40% year over year to $57.5 million when Leafly released their results in May. Additionally, there are 16.4 million active users monthly right now, up 52% from the prior year. The business made $53.7 million in gross profit or a profit margin of 93%. Additionally, after reporting a net income of $7.7 million the year before, the corporation lost $31.2 million in the quarter. The legal cannabis sector is the biggest employer in the US, according to an analysis of cannabis employment issued by the company on February 23. By 2021, it was predicted that the cannabis sector will generate $25 billion in revenue and over 100,000 new employees. In June Leafly was added to the Russel 3000 and 2000 indexes. The company will release its second quarter 2022 results on August 11th after the market close.

LFLY Stock Performance

LFLY stock closed on August 8th at $2.80 down 45.10% in the past five trading days. Currently, the stock has a range of $2.7358-$11.58 and is down 71.97% year to date. According to analysts at CNN Business LFLY stock has a median price target of $12 per share. In this case, this would represent an upside of 334.78% from its last trading price of 2.80.

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WM Technology, Inc.

Weedmaps is a user and business directory for the cannabis industry in addition to being an online shop. It is a subsidiary of WM Technology, Inc. The cloud-based SaaS solutions from WM Business are widely used by cannabis retailers as their operating systems. The products and services provided by WM Business frequently make it simpler to adhere to the intricate and constantly evolving legal requirements governing the cannabis sector. In May, WM Technology expanded the range of products they offered in Ontario by integrating a digital payment system. This helped small businesses meet the growing need for curbside pickup, delivery, and cashless transactions. The business acquired Sprout in 2021, a well-known cannabis CRM and marketing platform.Weedmaps_Logo_Kit_Primary_Mark_Teal_Text_Blk_Smile_3x

With an estimated 13.9 million monthly active users, Weedmaps now has more than 18,000 business listings in the United States. Currently, it makes an average of $3789 a month from each paying member. Weedmaps said that revenues increased by 40% year over year to $57.5 million when it revealed its first-quarter 2022 financial results in May. The number of new monthly active users increased by 16.4 million from one year to the next. Gross profit for the business was $53.7 million, or a 93 percent profit margin. Additionally, the company reported a $31.2 million loss for the third quarter as opposed to a $7.7 million profit for the same period last year. The company will release its second quarter 2022 results today after the market close.

MAPS Stock Performance

MAPS stock closed at $3.57 on August 8th down 2.19% in the last five trading days. Currently, the stock has a 52-week price range of $3.005- $16.02 and is down 40.30% year to date. According to analysts at CNN Business MAPS stock has a 12-month average price target of $9.00 per share. In essence, this would represent an upside of 152.10% from its last trading price of $3.57.

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Investing In Cannabis Stocks In August 2022

During last month’s trading sessions, the top cannabis stocks hit new lows; as they begin to rebound, investors may find value in the stocks. Examining a company’s financial records and news releases can help you decide whether an asset is suitable for your trading strategy and portfolio. Understanding technical indicators and chart patterns can help you make better trading decisions. The current cannabis market volatility may present a chance for short-term gains for active traders in August.

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